English subtitles for clip: File:President Obama Presents American Jobs Act (Enhanced Version).webm
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1 00:00:00,800 --> 00:00:07,070 President Obama: Mr. Speaker, Mr. Vice President, members of Congress, 2 00:00:07,066 --> 00:00:13,236 and fellow Americans: Tonight we meet at an urgent time 3 00:00:13,233 --> 00:00:15,503 for our country. 4 00:00:15,500 --> 00:00:19,930 We continue to face an economic crisis that has left millions of 5 00:00:19,934 --> 00:00:24,104 our neighbors jobless, and a political crisis that's made 6 00:00:24,100 --> 00:00:27,070 things worse. 7 00:00:27,066 --> 00:00:29,036 This past week, reporters have been asking, 8 00:00:29,033 --> 00:00:33,063 "What will this speech mean for the President? 9 00:00:33,066 --> 00:00:35,696 What will it mean for Congress? 10 00:00:35,700 --> 00:00:41,000 How will it affect their polls, and the next election?" 11 00:00:41,000 --> 00:00:45,370 But the millions of Americans who are watching right now, 12 00:00:45,367 --> 00:00:48,297 they don't care about politics. 13 00:00:48,300 --> 00:00:51,570 They have real-life concerns. 14 00:00:51,567 --> 00:00:55,397 Many have spent months looking for work. 15 00:00:55,400 --> 00:00:58,530 Others are doing their best just to scrape by -- giving up nights 16 00:00:58,533 --> 00:01:02,863 out with the family to save on gas or make the mortgage; 17 00:01:02,867 --> 00:01:07,797 postponing retirement to send a kid to college. 18 00:01:07,800 --> 00:01:12,100 These men and women grew up with faith in an America where hard 19 00:01:12,100 --> 00:01:16,800 work and responsibility paid off. 20 00:01:16,800 --> 00:01:20,330 They believed in a country where everyone gets a fair shake and 21 00:01:20,333 --> 00:01:25,763 does their fair share -- where if you stepped up, did your job, 22 00:01:25,767 --> 00:01:29,197 and were loyal to your company, that loyalty would be rewarded 23 00:01:29,200 --> 00:01:32,170 with a decent salary and good benefits; 24 00:01:32,166 --> 00:01:35,196 maybe a raise once in a while. 25 00:01:35,200 --> 00:01:38,270 If you did the right thing, you could make it. 26 00:01:38,266 --> 00:01:41,866 Anybody could make it in America. 27 00:01:41,867 --> 00:01:48,567 For decades now, Americans have watched that compact erode. 28 00:01:48,567 --> 00:01:53,167 They have seen the decks too often stacked against them. 29 00:01:53,166 --> 00:01:55,936 And they know that Washington has not always put their 30 00:01:55,934 --> 00:01:59,404 interests first. 31 00:01:59,400 --> 00:02:01,070 The people of this country work hard 32 00:02:01,066 --> 00:02:03,966 to meet their responsibilities. 33 00:02:03,967 --> 00:02:09,137 The question tonight is whether we'll meet ours. 34 00:02:09,133 --> 00:02:12,333 The question is whether, in the face of an ongoing national 35 00:02:12,333 --> 00:02:16,163 crisis, we can stop the political circus and actually 36 00:02:16,166 --> 00:02:18,036 do something to help the economy. 37 00:02:18,033 --> 00:02:35,263 (applause) 38 00:02:35,266 --> 00:02:38,936 The question -- the question is whether we can restore some 39 00:02:38,934 --> 00:02:43,604 of the fairness and security that has defined this nation 40 00:02:43,600 --> 00:02:46,570 since our beginning. 41 00:02:46,567 --> 00:02:51,037 Those of us here tonight can't solve all our nation's woes. 42 00:02:51,033 --> 00:02:54,763 Ultimately, our recovery will be driven not by Washington, 43 00:02:54,767 --> 00:02:58,397 but by our businesses and our workers. 44 00:02:58,400 --> 00:03:01,230 But we can help. 45 00:03:01,233 --> 00:03:03,633 We can make a difference. 46 00:03:03,633 --> 00:03:06,803 There are steps we can take right now to improve 47 00:03:06,800 --> 00:03:10,300 people's lives. 48 00:03:10,300 --> 00:03:13,330 I am sending this Congress a plan that you should pass 49 00:03:13,333 --> 00:03:15,833 right away. 50 00:03:15,834 --> 00:03:18,734 It's called the American Jobs Act. 51 00:03:18,734 --> 00:03:21,164 There should be nothing controversial about this 52 00:03:21,166 --> 00:03:22,736 piece of legislation. 53 00:03:22,734 --> 00:03:25,534 Everything in here is the kind of proposal that's been 54 00:03:25,533 --> 00:03:29,603 supported by both Democrats and Republicans -- including 55 00:03:29,600 --> 00:03:32,370 many who sit here tonight. 56 00:03:32,367 --> 00:03:35,367 And everything in this bill will be paid for. 57 00:03:35,367 --> 00:03:36,267 Everything. 58 00:03:36,266 --> 00:03:45,166 (applause) 59 00:03:45,166 --> 00:03:49,536 The purpose of the American Jobs Act is simple: to put more 60 00:03:49,533 --> 00:03:52,933 people back to work and more money in the pockets of those 61 00:03:52,934 --> 00:03:54,664 who are working. 62 00:03:54,667 --> 00:03:56,837 It will create more jobs for construction workers, 63 00:03:56,834 --> 00:03:59,364 more jobs for teachers, more jobs for veterans, 64 00:03:59,367 --> 00:04:01,837 and more jobs for long-term unemployed. 65 00:04:01,834 --> 00:04:02,934 (applause) 66 00:04:02,934 --> 00:04:06,764 It will provide -- it will provide a tax break for 67 00:04:06,767 --> 00:04:09,967 companies who hire new workers, and it will cut payroll taxes in 68 00:04:09,967 --> 00:04:14,167 half for every working American and every small business. 69 00:04:14,166 --> 00:04:20,966 (applause) 70 00:04:20,967 --> 00:04:25,037 It will provide a jolt to an economy that has stalled, 71 00:04:25,033 --> 00:04:27,433 and give companies confidence that if they invest and if they 72 00:04:27,433 --> 00:04:31,533 hire, there will be customers for their products and services. 73 00:04:31,533 --> 00:04:34,303 You should pass this jobs plan right away. 74 00:04:34,300 --> 00:04:40,800 (applause) 75 00:04:40,800 --> 00:04:44,970 Everyone here knows that small businesses are where most new 76 00:04:44,967 --> 00:04:46,737 jobs begin. 77 00:04:46,734 --> 00:04:48,504 And you know that while corporate profits have come 78 00:04:48,500 --> 00:04:52,170 roaring back, smaller companies haven't. 79 00:04:52,166 --> 00:04:55,336 So for everyone who speaks so passionately about making life 80 00:04:55,333 --> 00:04:59,903 easier for "job creators," this plan is for you. 81 00:04:59,900 --> 00:05:00,300 (applause) 82 00:05:00,300 --> 00:05:04,300 Pass this jobs bill -- pass this jobs bill, 83 00:05:04,300 --> 00:05:07,730 and starting tomorrow, small businesses will get a tax cut 84 00:05:07,734 --> 00:05:11,534 if they hire new workers or if they raise workers' wages. 85 00:05:11,533 --> 00:05:14,763 Pass this jobs bill, and all small business owners will also 86 00:05:14,767 --> 00:05:17,967 see their payroll taxes cut in half next year. 87 00:05:17,967 --> 00:05:18,737 (applause) 88 00:05:18,734 --> 00:05:22,364 If you have 50 employees -- if you have 50 employees making an 89 00:05:22,367 --> 00:05:26,567 average salary, that's an $80,000 tax cut. 90 00:05:26,567 --> 00:05:28,837 And all businesses will be able to continue writing off the 91 00:05:28,834 --> 00:05:32,504 investments they make in 2012. 92 00:05:32,500 --> 00:05:35,800 It's not just Democrats who have supported this kind of proposal. 93 00:05:35,800 --> 00:05:39,130 Fifty House Republicans have proposed the same payroll tax 94 00:05:39,133 --> 00:05:40,933 cut that's in this plan. 95 00:05:40,934 --> 00:05:42,604 You should pass it right away. 96 00:05:42,600 --> 00:05:50,330 (applause) 97 00:05:50,333 --> 00:05:53,063 Pass this jobs bill, and we can put people to work 98 00:05:53,066 --> 00:05:55,496 rebuilding America. 99 00:05:55,500 --> 00:05:58,930 Everyone here knows we have badly decaying roads and bridges 100 00:05:58,934 --> 00:06:01,064 all over the country. 101 00:06:01,066 --> 00:06:03,366 Our highways are clogged with traffic. 102 00:06:03,367 --> 00:06:07,337 Our skies are the most congested in the world. 103 00:06:07,333 --> 00:06:09,703 It's an outrage. 104 00:06:09,700 --> 00:06:12,300 Building a world-class transportation system is 105 00:06:12,300 --> 00:06:15,430 part of what made us a economic superpower. 106 00:06:15,433 --> 00:06:17,863 And now we're going to sit back and watch China build newer 107 00:06:17,867 --> 00:06:20,367 airports and faster railroads? 108 00:06:20,367 --> 00:06:22,537 At a time when millions of unemployed construction 109 00:06:22,533 --> 00:06:25,033 workers could build them right here in America? 110 00:06:25,033 --> 00:06:44,463 (applause) 111 00:06:44,467 --> 00:06:48,067 There are private construction companies all across America 112 00:06:48,066 --> 00:06:50,996 just waiting to get to work. 113 00:06:51,000 --> 00:06:54,000 There's a bridge that needs repair between Ohio and Kentucky 114 00:06:54,000 --> 00:06:56,300 that's on one of the busiest trucking routes 115 00:06:56,300 --> 00:06:58,000 in North America. 116 00:06:58,000 --> 00:07:01,030 A public transit project in Houston that will help clear 117 00:07:01,033 --> 00:07:04,263 up one of the worst areas of traffic in the country. 118 00:07:04,266 --> 00:07:08,136 And there are schools throughout this country that desperately 119 00:07:08,133 --> 00:07:10,503 need renovating. 120 00:07:10,500 --> 00:07:13,670 How can we expect our kids to do their best in places that 121 00:07:13,667 --> 00:07:16,297 are literally falling apart? 122 00:07:16,300 --> 00:07:18,100 This is America. 123 00:07:18,100 --> 00:07:21,070 Every child deserves a great school -- and we can give it 124 00:07:21,066 --> 00:07:22,366 to them, if we act now. 125 00:07:22,367 --> 00:07:37,137 (applause) 126 00:07:37,133 --> 00:07:40,203 The American Jobs Act will repair and modernize at least 127 00:07:40,200 --> 00:07:42,530 35,000 schools. 128 00:07:42,533 --> 00:07:46,203 It will put people to work right now fixing roofs and windows, 129 00:07:46,200 --> 00:07:48,570 installing science labs and high-speed Internet 130 00:07:48,567 --> 00:07:51,697 in classrooms all across this country. 131 00:07:51,700 --> 00:07:54,430 It will rehabilitate homes and businesses in communities hit 132 00:07:54,433 --> 00:07:57,103 hardest by foreclosures. 133 00:07:57,100 --> 00:07:59,470 It will jumpstart thousands of transportation projects 134 00:07:59,467 --> 00:08:01,167 all across the country. 135 00:08:01,166 --> 00:08:04,366 And to make sure the money is properly spent, 136 00:08:04,367 --> 00:08:07,837 we're building on reforms we've already put in place. 137 00:08:07,834 --> 00:08:09,734 No more earmarks. 138 00:08:09,734 --> 00:08:11,864 No more boondoggles. 139 00:08:11,867 --> 00:08:14,437 No more bridges to nowhere. 140 00:08:14,433 --> 00:08:17,033 We're cutting the red tape that prevents some of these projects 141 00:08:17,033 --> 00:08:19,803 from getting started as quickly as possible. 142 00:08:19,800 --> 00:08:23,830 And we'll set up an independent fund to attract private dollars 143 00:08:23,834 --> 00:08:27,804 and issue loans based on two criteria: how badly a 144 00:08:27,800 --> 00:08:30,730 construction project is needed and how much good it will do 145 00:08:30,734 --> 00:08:31,734 for the economy. 146 00:08:31,734 --> 00:08:39,104 (applause) 147 00:08:39,100 --> 00:08:42,530 This idea came from a bill written by a Texas Republican 148 00:08:42,533 --> 00:08:45,803 and a Massachusetts Democrat. 149 00:08:45,800 --> 00:08:48,400 The idea for a big boost in construction is supported by 150 00:08:48,400 --> 00:08:51,630 America's largest business organization and America's 151 00:08:51,633 --> 00:08:54,233 largest labor organization. 152 00:08:54,233 --> 00:08:57,703 It's the kind of proposal that's been supported in the past by 153 00:08:57,700 --> 00:09:00,230 Democrats and Republicans alike. 154 00:09:00,233 --> 00:09:01,763 You should pass it right away. 155 00:09:01,767 --> 00:09:14,267 (applause) 156 00:09:14,266 --> 00:09:16,996 Pass this jobs bill, and thousands of teachers in 157 00:09:17,000 --> 00:09:20,000 every state will go back to work. 158 00:09:20,000 --> 00:09:22,300 These are the men and women charged with preparing our 159 00:09:22,300 --> 00:09:25,230 children for a world where the competition has never 160 00:09:25,233 --> 00:09:27,603 been tougher. 161 00:09:27,600 --> 00:09:29,700 But while they're adding teachers in places like South 162 00:09:29,700 --> 00:09:34,230 Korea, we're laying them off in droves. 163 00:09:34,233 --> 00:09:36,203 It's unfair to our kids. 164 00:09:36,200 --> 00:09:38,730 It undermines their future and ours. 165 00:09:38,734 --> 00:09:40,104 And it has to stop. 166 00:09:40,100 --> 00:09:43,470 Pass this bill, and put our teachers back in the classroom 167 00:09:43,467 --> 00:09:44,397 where they belong. 168 00:09:44,400 --> 00:09:58,500 (applause) 169 00:09:58,500 --> 00:10:01,570 Pass this jobs bill, and companies will get extra tax 170 00:10:01,567 --> 00:10:05,437 credits if they hire America's veterans. 171 00:10:05,433 --> 00:10:08,263 We ask these men and women to leave their careers, 172 00:10:08,266 --> 00:10:14,336 leave their families, risk their lives to fight for our country. 173 00:10:14,333 --> 00:10:17,563 The last thing they should have to do is fight for a job when 174 00:10:17,567 --> 00:10:18,737 they come home. 175 00:10:18,734 --> 00:10:38,604 (applause) 176 00:10:38,600 --> 00:10:41,670 Pass this bill, and hundreds of thousands of disadvantaged young 177 00:10:41,667 --> 00:10:44,437 people will have the hope and the dignity of a summer 178 00:10:44,433 --> 00:10:46,133 job next year. 179 00:10:46,133 --> 00:10:46,763 And their parents -- 180 00:10:46,767 --> 00:10:48,737 (applause) 181 00:10:48,734 --> 00:10:51,464 -- their parents, low-income Americans who desperately want 182 00:10:51,467 --> 00:10:55,867 to work, will have more ladders out of poverty. 183 00:10:55,867 --> 00:10:58,997 Pass this jobs bill, and companies will get a $4,000 184 00:10:59,000 --> 00:11:01,800 tax credit if they hire anyone who has spent more 185 00:11:01,800 --> 00:11:03,700 than six months looking for a job. 186 00:11:03,700 --> 00:11:10,970 (applause) 187 00:11:10,967 --> 00:11:13,997 We have to do more to help the long-term unemployed in their 188 00:11:14,000 --> 00:11:15,770 search for work. 189 00:11:15,767 --> 00:11:18,537 This jobs plan builds on a program in Georgia that several 190 00:11:18,533 --> 00:11:20,603 Republican leaders have highlighted, 191 00:11:20,600 --> 00:11:22,470 where people who collect unemployment insurance 192 00:11:22,467 --> 00:11:26,397 participate in temporary work as a way to build their skills 193 00:11:26,400 --> 00:11:28,730 while they look for a permanent job. 194 00:11:28,734 --> 00:11:30,564 The plan also extends unemployment insurance 195 00:11:30,567 --> 00:11:31,897 for another year. 196 00:11:31,900 --> 00:11:32,630 (applause) 197 00:11:32,633 --> 00:11:36,733 If the millions of unemployed Americans stopped getting this 198 00:11:36,734 --> 00:11:39,364 insurance, and stopped using that money for basic 199 00:11:39,367 --> 00:11:41,497 necessities, it would be a devastating blow 200 00:11:41,500 --> 00:11:43,030 to this economy. 201 00:11:43,033 --> 00:11:45,863 Democrats and Republicans in this chamber have supported 202 00:11:45,867 --> 00:11:48,597 unemployment insurance plenty of times in the past. 203 00:11:48,600 --> 00:11:51,030 And in this time of prolonged hardship, 204 00:11:51,033 --> 00:11:52,833 you should pass it again -- right away. 205 00:11:52,834 --> 00:11:59,364 (applause) 206 00:11:59,367 --> 00:12:02,967 Pass this jobs bill, and the typical working family will 207 00:12:02,967 --> 00:12:06,637 get a $1,500 tax cut next year. 208 00:12:06,633 --> 00:12:09,733 Fifteen hundred dollars that would have been taken out of 209 00:12:09,734 --> 00:12:14,204 your pocket will go into your pocket. 210 00:12:14,200 --> 00:12:16,830 This expands on the tax cut that Democrats and Republicans 211 00:12:16,834 --> 00:12:19,764 already passed for this year. 212 00:12:19,767 --> 00:12:23,937 If we allow that tax cut to expire -- if we refuse to act -- 213 00:12:23,934 --> 00:12:27,234 middle-class families will get hit with a tax increase at the 214 00:12:27,233 --> 00:12:29,103 worst possible time. 215 00:12:29,100 --> 00:12:31,170 We can't let that happen. 216 00:12:31,166 --> 00:12:34,336 I know that some of you have sworn oaths to never raise any 217 00:12:34,333 --> 00:12:37,463 taxes on anyone for as long as you live. 218 00:12:37,467 --> 00:12:40,337 Now is not the time to carve out an exception and raise 219 00:12:40,333 --> 00:12:42,833 middle-class taxes, which is why you should pass this 220 00:12:42,834 --> 00:12:43,764 bill right away. 221 00:12:43,767 --> 00:12:57,867 (applause) 222 00:12:57,867 --> 00:13:00,567 This is the American Jobs Act. 223 00:13:00,567 --> 00:13:03,067 It will lead to new jobs for construction workers, 224 00:13:03,066 --> 00:13:05,636 for teachers, for veterans, for first responders, 225 00:13:05,633 --> 00:13:08,903 young people and the long-term unemployed. 226 00:13:08,900 --> 00:13:11,430 It will provide tax credits to companies that hire new workers, 227 00:13:11,433 --> 00:13:13,603 tax relief to small business owners, 228 00:13:13,600 --> 00:13:16,430 and tax cuts for the middle class. 229 00:13:16,433 --> 00:13:18,403 And here's the other thing I want the American people to 230 00:13:18,400 --> 00:13:21,830 know: The American Jobs Act will not add to the deficit. 231 00:13:21,834 --> 00:13:23,264 It will be paid for. 232 00:13:23,266 --> 00:13:24,236 And here's how. 233 00:13:24,233 --> 00:13:27,063 (applause) 234 00:13:27,066 --> 00:13:31,266 The agreement we passed in July will cut government spending by 235 00:13:31,266 --> 00:13:34,536 about $1 trillion over the next 10 years. 236 00:13:34,533 --> 00:13:37,063 It also charges this Congress to come up with an additional 237 00:13:37,066 --> 00:13:41,396 $1.5 trillion in savings by Christmas. 238 00:13:41,400 --> 00:13:44,030 Tonight, I am asking you to increase that amount so that 239 00:13:44,033 --> 00:13:46,703 it covers the full cost of the American Jobs Act. 240 00:13:46,700 --> 00:13:50,070 And a week from Monday, I'll be releasing a more ambitious 241 00:13:50,066 --> 00:13:53,136 deficit plan -- a plan that will not only cover the cost of this 242 00:13:53,133 --> 00:13:57,063 jobs bill, but stabilize our debt in the long run. 243 00:13:57,066 --> 00:14:06,036 (applause) 244 00:14:06,033 --> 00:14:08,003 This approach is basically the one I've been advocating 245 00:14:08,000 --> 00:14:10,170 for months. 246 00:14:10,166 --> 00:14:12,536 In addition to the trillion dollars of spending cuts I've 247 00:14:12,533 --> 00:14:16,533 already signed into law, it's a balanced plan that would reduce 248 00:14:16,533 --> 00:14:19,863 the deficit by making additional spending cuts, 249 00:14:19,867 --> 00:14:22,797 by making modest adjustments to health care programs like 250 00:14:22,800 --> 00:14:26,430 Medicare and Medicaid, and by reforming our tax code in a way 251 00:14:26,433 --> 00:14:29,333 that asks the wealthiest Americans and biggest 252 00:14:29,333 --> 00:14:31,933 corporations to pay their fair share. 253 00:14:31,934 --> 00:14:39,404 (applause) 254 00:14:39,400 --> 00:14:41,930 What's more, the spending cuts wouldn't happen so abruptly that 255 00:14:41,934 --> 00:14:45,034 they'd be a drag on our economy, or prevent us from helping small 256 00:14:45,033 --> 00:14:47,603 businesses and middle-class families get back on their 257 00:14:47,600 --> 00:14:50,270 feet right away. 258 00:14:50,266 --> 00:14:52,596 Now, I realize there are some in my party who don't think we 259 00:14:52,600 --> 00:14:55,770 should make any changes at all to Medicare and Medicaid, 260 00:14:55,767 --> 00:14:58,537 and I understand their concerns. 261 00:14:58,533 --> 00:15:02,833 But here's the truth: Millions of Americans rely on Medicare 262 00:15:02,834 --> 00:15:04,464 in their retirement. 263 00:15:04,467 --> 00:15:07,397 And millions more will do so in the future. 264 00:15:07,400 --> 00:15:09,800 They pay for this benefit during their working years. 265 00:15:09,800 --> 00:15:11,630 They earn it. 266 00:15:11,633 --> 00:15:14,833 But with an aging population and rising health care costs, 267 00:15:14,834 --> 00:15:17,704 we are spending too fast to sustain the program. 268 00:15:17,700 --> 00:15:20,730 And if we don't gradually reform the system while protecting 269 00:15:20,734 --> 00:15:24,004 current beneficiaries, it won't be there when future 270 00:15:24,000 --> 00:15:26,200 retirees need it. 271 00:15:26,200 --> 00:15:28,530 We have to reform Medicare to strengthen it. 272 00:15:28,533 --> 00:15:46,233 (applause) 273 00:15:46,233 --> 00:15:48,233 I am also -- I'm also well aware that there are many Republicans 274 00:15:48,233 --> 00:15:50,863 who don't believe we should raise taxes on those who are 275 00:15:50,867 --> 00:15:54,237 most fortunate and can best afford it. 276 00:15:54,233 --> 00:15:58,663 But here is what every American knows: While most people in this 277 00:15:58,667 --> 00:16:01,637 country struggle to make ends meet, 278 00:16:01,633 --> 00:16:04,533 a few of the most affluent citizens and most profitable 279 00:16:04,533 --> 00:16:07,603 corporations enjoy tax breaks and loopholes that 280 00:16:07,600 --> 00:16:10,000 nobody else gets. 281 00:16:10,000 --> 00:16:12,600 Right now, Warren Buffett pays a lower tax rate than 282 00:16:12,600 --> 00:16:16,700 his secretary -- an outrage he has asked us to fix. 283 00:16:16,700 --> 00:16:18,200 (laughter) 284 00:16:18,200 --> 00:16:24,130 We need a tax code where everyone gets a fair shake 285 00:16:24,133 --> 00:16:25,933 and where everybody pays their fair share. 286 00:16:25,934 --> 00:16:39,734 (applause) 287 00:16:39,734 --> 00:16:42,134 And by the way, I believe the vast majority of wealthy 288 00:16:42,133 --> 00:16:45,533 Americans and CEOs are willing to do just that if it helps the 289 00:16:45,533 --> 00:16:49,633 economy grow and gets our fiscal house in order. 290 00:16:49,633 --> 00:16:52,603 I'll also offer ideas to reform a corporate tax code 291 00:16:52,600 --> 00:16:55,370 that stands as a monument to special interest 292 00:16:55,367 --> 00:16:56,867 influence in Washington. 293 00:16:56,867 --> 00:16:59,597 By eliminating pages of loopholes and deductions, 294 00:16:59,600 --> 00:17:02,030 we can lower one of the highest corporate tax 295 00:17:02,033 --> 00:17:03,103 rates in the world. 296 00:17:03,100 --> 00:17:03,770 (applause) 297 00:17:03,767 --> 00:17:06,437 Our tax code should not give an advantage to companies 298 00:17:06,433 --> 00:17:09,263 that can afford the best-connected lobbyists. 299 00:17:09,266 --> 00:17:11,766 It should give an advantage to companies that invest and create 300 00:17:11,767 --> 00:17:14,337 jobs right here in the United States of America. 301 00:17:14,333 --> 00:17:30,333 (applause) 302 00:17:30,333 --> 00:17:34,763 So we can reduce this deficit, pay down our debt, 303 00:17:34,767 --> 00:17:38,667 and pay for this jobs plan in the process. 304 00:17:38,667 --> 00:17:41,897 But in order to do this, we have to decide what 305 00:17:41,900 --> 00:17:44,430 our priorities are. 306 00:17:44,433 --> 00:17:47,603 We have to ask ourselves, "What's the best way to grow 307 00:17:47,600 --> 00:17:51,230 the economy and create jobs?" 308 00:17:51,233 --> 00:17:54,203 Should we keep tax loopholes for oil companies? 309 00:17:54,200 --> 00:17:56,770 Or should we use that money to give small business owners a tax 310 00:17:56,767 --> 00:17:59,267 credit when they hire new workers? 311 00:17:59,266 --> 00:18:03,096 Because we can't afford to do both. 312 00:18:03,100 --> 00:18:06,500 Should we keep tax breaks for millionaires and billionaires? 313 00:18:06,500 --> 00:18:09,830 Or should we put teachers back to work so our kids can graduate 314 00:18:09,834 --> 00:18:11,664 ready for college and good jobs? 315 00:18:11,667 --> 00:18:16,137 (applause) 316 00:18:16,133 --> 00:18:20,333 Right now, we can't afford to do both. 317 00:18:20,333 --> 00:18:22,933 This isn't political grandstanding. 318 00:18:22,934 --> 00:18:25,204 This isn't class warfare. 319 00:18:25,200 --> 00:18:26,730 This is simple math. 320 00:18:26,734 --> 00:18:28,864 (laughter) 321 00:18:28,867 --> 00:18:30,037 This is simple math. 322 00:18:30,033 --> 00:18:33,033 These are real choices. 323 00:18:33,033 --> 00:18:34,963 These are real choices that we've got to make. 324 00:18:34,967 --> 00:18:37,667 And I'm pretty sure I know what most Americans would choose. 325 00:18:37,667 --> 00:18:39,867 It's not even close. 326 00:18:39,867 --> 00:18:42,597 And it's time for us to do what's right for our future. 327 00:18:42,600 --> 00:18:50,800 (applause) 328 00:18:50,800 --> 00:18:54,100 Now, the American Jobs Act answers the urgent need to 329 00:18:54,100 --> 00:18:57,030 create jobs right away. 330 00:18:57,033 --> 00:18:59,503 But we can't stop there. 331 00:18:59,500 --> 00:19:02,400 As I've argued since I ran for this office, 332 00:19:02,400 --> 00:19:04,500 we have to look beyond the immediate crisis and start 333 00:19:04,500 --> 00:19:08,170 building an economy that lasts into the future -- 334 00:19:08,166 --> 00:19:11,336 an economy that creates good, middle-class jobs that pay well 335 00:19:11,333 --> 00:19:13,563 and offer security. 336 00:19:13,567 --> 00:19:16,067 We now live in a world where technology has made it possible 337 00:19:16,066 --> 00:19:19,696 for companies to take their business anywhere. 338 00:19:19,700 --> 00:19:23,570 If we want them to start here and stay here and hire here, 339 00:19:23,567 --> 00:19:26,967 we have to be able to out-build and out-educate and out-innovate 340 00:19:26,967 --> 00:19:28,297 every other country on Earth. 341 00:19:28,300 --> 00:19:36,200 (applause) 342 00:19:36,200 --> 00:19:39,370 And this task of making America more competitive for the long 343 00:19:39,367 --> 00:19:42,897 haul, that's a job for all of us. 344 00:19:42,900 --> 00:19:45,900 For government and for private companies. 345 00:19:45,900 --> 00:19:48,130 For states and for local communities -- and for 346 00:19:48,133 --> 00:19:50,963 every American citizen. 347 00:19:50,967 --> 00:19:53,867 All of us will have to up our game. 348 00:19:53,867 --> 00:19:58,237 All of us will have to change the way we do business. 349 00:19:58,233 --> 00:20:01,703 My administration can and will take some steps to improve our 350 00:20:01,700 --> 00:20:04,930 competitiveness on our own. 351 00:20:04,934 --> 00:20:07,404 For example, if you're a small business owner who has a 352 00:20:07,400 --> 00:20:09,200 contract with the federal government, 353 00:20:09,200 --> 00:20:11,570 we're going to make sure you get paid a lot faster 354 00:20:11,567 --> 00:20:12,597 than you do right now. 355 00:20:12,600 --> 00:20:18,330 (applause) 356 00:20:18,333 --> 00:20:21,103 We're also planning to cut away the red tape that prevents too 357 00:20:21,100 --> 00:20:24,230 many rapidly growing startup companies from raising capital 358 00:20:24,233 --> 00:20:25,603 and going public. 359 00:20:25,600 --> 00:20:27,970 And to help responsible homeowners, 360 00:20:27,967 --> 00:20:30,867 we're going to work with federal housing agencies to help more 361 00:20:30,867 --> 00:20:34,067 people refinance their mortgages at interest rates that are now 362 00:20:34,066 --> 00:20:35,866 near 4 percent. 363 00:20:35,867 --> 00:20:36,767 That's a step -- 364 00:20:36,767 --> 00:20:50,637 (applause) 365 00:20:50,633 --> 00:20:52,133 -- I know you guys must be for this, 366 00:20:52,133 --> 00:20:54,603 because that's a step that can put more than $2,000 367 00:20:54,600 --> 00:20:57,830 a year in a family's pocket, and give a lift to an economy 368 00:20:57,834 --> 00:21:02,764 still burdened by the drop in housing prices. 369 00:21:02,767 --> 00:21:05,337 So, some things we can do on our own. 370 00:21:05,333 --> 00:21:08,903 Other steps will require congressional action. 371 00:21:08,900 --> 00:21:11,330 Today you passed reform that will speed up the outdated 372 00:21:11,333 --> 00:21:13,903 patent process, so that entrepreneurs can turn a new 373 00:21:13,900 --> 00:21:17,270 idea into a new business as quickly as possible. 374 00:21:17,266 --> 00:21:19,636 That's the kind of action we need. 375 00:21:19,633 --> 00:21:23,703 Now it's time to clear the way for a series of trade agreements 376 00:21:23,700 --> 00:21:26,270 that would make it easier for American companies to sell their 377 00:21:26,266 --> 00:21:30,836 products in Panama and Colombia and South Korea -- while also 378 00:21:30,834 --> 00:21:33,504 helping the workers whose jobs have been affected by 379 00:21:33,500 --> 00:21:34,530 global competition. 380 00:21:34,533 --> 00:21:44,963 (applause) 381 00:21:44,967 --> 00:21:47,697 If Americans can buy Kias and Hyundais, 382 00:21:47,700 --> 00:21:50,800 I want to see folks in South Korea driving Fords and Chevys 383 00:21:50,800 --> 00:21:51,900 and Chryslers. 384 00:21:51,900 --> 00:21:52,800 (applause) 385 00:21:52,800 --> 00:21:56,470 I want to see more products sold around the world stamped with 386 00:21:56,467 --> 00:21:59,367 the three proud words: "Made in America." 387 00:21:59,367 --> 00:22:00,767 That's what we need to get done. 388 00:22:00,767 --> 00:22:13,867 (applause) 389 00:22:13,867 --> 00:22:18,267 And on all of our efforts to strengthen competitiveness, 390 00:22:18,266 --> 00:22:20,596 we need to look for ways to work side by side with 391 00:22:20,600 --> 00:22:22,600 America's businesses. 392 00:22:22,600 --> 00:22:24,770 That's why I've brought together a Jobs Council of leaders from 393 00:22:24,767 --> 00:22:27,637 different industries who are developing a wide range of new 394 00:22:27,633 --> 00:22:31,933 ideas to help companies grow and create jobs. 395 00:22:31,934 --> 00:22:33,904 Already, we've mobilized business leaders to train 396 00:22:33,900 --> 00:22:37,830 10,000 American engineers a year, by providing company 397 00:22:37,834 --> 00:22:40,264 internships and training. 398 00:22:40,266 --> 00:22:42,696 Other businesses are covering tuition for workers who learn 399 00:22:42,700 --> 00:22:44,730 new skills at community colleges. 400 00:22:44,734 --> 00:22:48,264 And we're going to make sure the next generation of manufacturing 401 00:22:48,266 --> 00:22:51,566 takes root not in China or Europe, but right here, 402 00:22:51,567 --> 00:22:52,767 in the United States of America. 403 00:22:52,767 --> 00:23:07,637 (applause) 404 00:23:07,633 --> 00:23:09,463 If we provide the right incentives, 405 00:23:09,467 --> 00:23:12,567 the right support -- and if we make sure our trading partners 406 00:23:12,567 --> 00:23:16,537 play by the rules -- we can be the ones to build everything 407 00:23:16,533 --> 00:23:19,603 from fuel-efficient cars to advanced biofuels to 408 00:23:19,600 --> 00:23:23,570 semiconductors that we sell all around the world. 409 00:23:23,567 --> 00:23:26,667 That's how America can be number one again. 410 00:23:26,667 --> 00:23:29,337 And that's how America will be number one again. 411 00:23:29,333 --> 00:23:35,303 (applause) 412 00:23:35,300 --> 00:23:39,830 Now, I realize that some of you have a different theory on how 413 00:23:39,834 --> 00:23:42,304 to grow the economy. 414 00:23:42,300 --> 00:23:45,100 Some of you sincerely believe that the only solution to our 415 00:23:45,100 --> 00:23:49,170 economic challenges is to simply cut most government spending and 416 00:23:49,166 --> 00:23:51,096 eliminate most government regulations. 417 00:23:51,100 --> 00:24:03,200 (applause) 418 00:24:03,200 --> 00:24:06,670 Well, I agree that we can't afford wasteful spending, 419 00:24:06,667 --> 00:24:11,767 and I'll work with you, with Congress, to root it out. 420 00:24:11,767 --> 00:24:15,037 And I agree that there are some rules and regulations that do 421 00:24:15,033 --> 00:24:17,903 put an unnecessary burden on businesses at a time when they 422 00:24:17,900 --> 00:24:18,930 can least afford it. 423 00:24:18,934 --> 00:24:24,404 (applause) 424 00:24:24,400 --> 00:24:28,170 That's why I ordered a review of all government regulations. 425 00:24:28,166 --> 00:24:30,996 So far, we've identified over 500 reforms, 426 00:24:31,000 --> 00:24:34,400 which will save billions of dollars over the next few years. 427 00:24:34,400 --> 00:24:34,900 (applause) 428 00:24:34,900 --> 00:24:39,230 We should have no more regulation than the health, 429 00:24:39,233 --> 00:24:42,203 safety and security of the American people require. 430 00:24:42,200 --> 00:24:44,600 Every rule should meet that common-sense test. 431 00:24:44,600 --> 00:24:50,630 (applause) 432 00:24:50,633 --> 00:24:56,303 But what we can't do -- what I will not do -- is let this 433 00:24:56,300 --> 00:25:00,130 economic crisis be used as an excuse to wipe out the basic 434 00:25:00,133 --> 00:25:03,363 protections that Americans have counted on for decades. 435 00:25:03,367 --> 00:25:15,467 (applause) 436 00:25:15,467 --> 00:25:19,097 I reject the idea that we need to ask people to choose between 437 00:25:19,100 --> 00:25:21,500 their jobs and their safety. 438 00:25:21,500 --> 00:25:24,670 I reject the argument that says for the economy to grow, 439 00:25:24,667 --> 00:25:27,167 we have to roll back protections that ban hidden fees by credit 440 00:25:27,166 --> 00:25:30,296 card companies, or rules that keep our kids from being exposed 441 00:25:30,300 --> 00:25:33,270 to mercury, or laws that prevent the health insurance industry 442 00:25:33,266 --> 00:25:35,866 from shortchanging patients. 443 00:25:35,867 --> 00:25:37,997 I reject the idea that we have to strip away collective 444 00:25:38,000 --> 00:25:40,300 bargaining rights to compete in a global economy. 445 00:25:40,300 --> 00:25:55,200 (applause) 446 00:25:55,200 --> 00:25:57,930 We shouldn't be in a race to the bottom, 447 00:25:57,934 --> 00:26:00,564 where we try to offer the cheapest labor and the worst 448 00:26:00,567 --> 00:26:02,737 pollution standards. 449 00:26:02,734 --> 00:26:04,804 America should be in a race to the top. 450 00:26:04,800 --> 00:26:06,430 And I believe we can win that race. 451 00:26:06,433 --> 00:26:16,333 (applause) 452 00:26:16,333 --> 00:26:18,533 In fact, this larger notion that the only thing we can 453 00:26:18,533 --> 00:26:20,933 do to restore prosperity is just dismantle government, 454 00:26:20,934 --> 00:26:24,034 refund everybody's money, and let everyone write their own 455 00:26:24,033 --> 00:26:27,303 rules, and tell everyone they're on their own -- 456 00:26:27,300 --> 00:26:30,270 that's not who we are. 457 00:26:30,266 --> 00:26:33,596 That's not the story of America. 458 00:26:33,600 --> 00:26:36,870 Yes, we are rugged individualists. 459 00:26:36,867 --> 00:26:39,567 Yes, we are strong and self-reliant. 460 00:26:39,567 --> 00:26:42,337 And it has been the drive and initiative of our workers and 461 00:26:42,333 --> 00:26:45,533 entrepreneurs that has made this economy the engine and the envy 462 00:26:45,533 --> 00:26:47,303 of the world. 463 00:26:47,300 --> 00:26:50,100 But there's always been another thread running throughout our 464 00:26:50,100 --> 00:26:53,870 history -- a belief that we're all connected, 465 00:26:53,867 --> 00:26:56,797 and that there are some things we can only do together, 466 00:26:56,800 --> 00:26:58,530 as a nation. 467 00:26:58,533 --> 00:27:01,063 We all remember Abraham Lincoln as the leader who 468 00:27:01,066 --> 00:27:03,166 saved our Union. 469 00:27:03,166 --> 00:27:06,266 Founder of the Republican Party. 470 00:27:06,266 --> 00:27:08,896 But in the middle of a civil war, 471 00:27:08,900 --> 00:27:13,230 he was also a leader who looked to the future -- a Republican 472 00:27:13,233 --> 00:27:15,503 President who mobilized government to build the 473 00:27:15,500 --> 00:27:16,730 Transcontinental Railroad -- 474 00:27:16,734 --> 00:27:17,634 (applause) 475 00:27:17,633 --> 00:27:20,003 -- launch the National Academy of Sciences, 476 00:27:20,000 --> 00:27:22,030 set up the first land grant colleges. 477 00:27:22,033 --> 00:27:23,333 (applause) 478 00:27:23,333 --> 00:27:29,063 And leaders of both parties have followed the example he set. 479 00:27:29,066 --> 00:27:32,466 Ask yourselves -- where would we be right now if the people who 480 00:27:32,467 --> 00:27:36,037 sat here before us decided not to build our highways, 481 00:27:36,033 --> 00:27:40,063 not to build our bridges, our dams, our airports? 482 00:27:40,066 --> 00:27:43,096 What would this country be like if we had chosen not to spend 483 00:27:43,100 --> 00:27:48,100 money on public high schools, or research universities, 484 00:27:48,100 --> 00:27:51,070 or community colleges? 485 00:27:51,066 --> 00:27:53,736 Millions of returning heroes, including my grandfather, 486 00:27:53,734 --> 00:27:56,834 had the opportunity to go to school because of the G.I. Bill. 487 00:27:56,834 --> 00:27:59,204 Where would we be if they hadn't had that chance? 488 00:27:59,200 --> 00:28:16,000 (applause) 489 00:28:16,000 --> 00:28:19,800 How many jobs would it have cost us if past Congresses decided 490 00:28:19,800 --> 00:28:22,100 not to support the basic research that led to the 491 00:28:22,100 --> 00:28:24,830 Internet and the computer chip? 492 00:28:24,834 --> 00:28:28,434 What kind of country would this be if this chamber had voted 493 00:28:28,433 --> 00:28:32,163 down Social Security or Medicare just because it violated some 494 00:28:32,166 --> 00:28:35,236 rigid idea about what government could or could not do? 495 00:28:35,233 --> 00:28:35,933 (applause) 496 00:28:35,934 --> 00:28:41,104 How many Americans would have suffered as a result? 497 00:28:41,100 --> 00:28:44,770 No single individual built America on their own. 498 00:28:44,767 --> 00:28:47,637 We built it together. 499 00:28:47,633 --> 00:28:52,163 We have been, and always will be, one nation, under God, 500 00:28:52,166 --> 00:28:54,836 indivisible, with liberty and justice for all; 501 00:28:54,834 --> 00:28:58,664 a nation with responsibilities to ourselves and with 502 00:28:58,667 --> 00:29:00,837 responsibilities to one another. 503 00:29:00,834 --> 00:29:03,064 And members of Congress, it is time for us to meet 504 00:29:03,066 --> 00:29:04,536 our responsibilities. 505 00:29:04,533 --> 00:29:25,503 (applause) 506 00:29:25,500 --> 00:29:28,270 Every proposal I've laid out tonight is the kind that's 507 00:29:28,266 --> 00:29:32,766 been supported by Democrats and Republicans in the past. 508 00:29:32,767 --> 00:29:36,237 Every proposal I've laid out tonight will be paid for. 509 00:29:36,233 --> 00:29:39,603 And every proposal is designed to meet the urgent needs of our 510 00:29:39,600 --> 00:29:42,200 people and our communities. 511 00:29:42,200 --> 00:29:45,200 Now, I know there's been a lot of skepticism about whether the 512 00:29:45,200 --> 00:29:48,100 politics of the moment will allow us to pass this jobs 513 00:29:48,100 --> 00:29:51,470 plan -- or any jobs plan. 514 00:29:51,467 --> 00:29:54,397 Already, we're seeing the same old press releases and tweets 515 00:29:54,400 --> 00:29:56,770 flying back and forth. 516 00:29:56,767 --> 00:29:58,997 Already, the media has proclaimed that it's impossible 517 00:29:59,000 --> 00:30:01,300 to bridge our differences. 518 00:30:01,300 --> 00:30:03,730 And maybe some of you have decided that those differences 519 00:30:03,734 --> 00:30:08,804 are so great that we can only resolve them at the ballot box. 520 00:30:08,800 --> 00:30:14,800 But know this: The next election is 14 months away. 521 00:30:14,800 --> 00:30:18,730 And the people who sent us here -- the people who hired us to 522 00:30:18,734 --> 00:30:23,564 work for them -- they don't have the luxury of waiting 14 months. 523 00:30:23,567 --> 00:30:45,397 (applause) 524 00:30:45,400 --> 00:30:49,630 Some of them are living week to week, paycheck to paycheck, 525 00:30:49,633 --> 00:30:51,003 even day to day. 526 00:30:51,000 --> 00:30:54,770 They need help, and they need it now. 527 00:30:54,767 --> 00:30:59,037 I don't pretend that this plan will solve all our problems. 528 00:30:59,033 --> 00:31:01,303 It should not be, nor will it be, 529 00:31:01,300 --> 00:31:04,500 the last plan of action we propose. 530 00:31:04,500 --> 00:31:07,500 What's guided us from the start of this crisis hasn't been the 531 00:31:07,500 --> 00:31:09,700 search for a silver bullet. 532 00:31:09,700 --> 00:31:13,000 It's been a commitment to stay at it -- to be persistent -- 533 00:31:13,000 --> 00:31:15,900 to keep trying every new idea that works, 534 00:31:15,900 --> 00:31:17,600 and listen to every good proposal, 535 00:31:17,600 --> 00:31:21,170 no matter which party comes up with it. 536 00:31:21,166 --> 00:31:24,266 Regardless of the arguments we've had in the past, 537 00:31:24,266 --> 00:31:27,096 regardless of the arguments we will have in the future, 538 00:31:27,100 --> 00:31:29,800 this plan is the right thing to do right now. 539 00:31:29,800 --> 00:31:30,970 You should pass it. 540 00:31:30,967 --> 00:31:33,697 And I intend to take that message to every corner 541 00:31:33,700 --> 00:31:34,530 of this country. 542 00:31:34,533 --> 00:31:46,133 (applause) 543 00:31:46,133 --> 00:31:50,903 And I ask -- I ask every American who agrees to lift 544 00:31:50,900 --> 00:31:56,030 your voice: Tell the people who are gathered here tonight that 545 00:31:56,033 --> 00:31:57,863 you want action now. 546 00:31:57,867 --> 00:32:01,137 Tell Washington that doing nothing is not an option. 547 00:32:01,133 --> 00:32:04,333 Remind us that if we act as one nation and one people, 548 00:32:04,333 --> 00:32:08,233 we have it within our power to meet this challenge. 549 00:32:08,233 --> 00:32:12,103 President Kennedy once said, "Our problems are man-made -- 550 00:32:12,100 --> 00:32:14,370 therefore they can be solved by man. 551 00:32:14,367 --> 00:32:18,397 And man can be as big as he wants." 552 00:32:18,400 --> 00:32:20,130 These are difficult years for our country. 553 00:32:20,133 --> 00:32:21,633 But we are Americans. 554 00:32:21,633 --> 00:32:23,763 We are tougher than the times we live in, 555 00:32:23,767 --> 00:32:26,437 and we are bigger than our politics have been. 556 00:32:26,433 --> 00:32:28,203 So let's meet the moment. 557 00:32:28,200 --> 00:32:31,670 Let's get to work, and let's show the world once again why 558 00:32:31,667 --> 00:32:33,167 the United States of America remains the 559 00:32:33,166 --> 00:32:34,336 greatest nation on Earth. 560 00:32:34,333 --> 00:32:34,663 (applause) 561 00:32:34,667 --> 00:32:36,037 Thank you very much. 562 00:32:36,033 --> 00:32:39,763 God bless you, and God bless the United States of America. 563 00:32:39,767 --> 00:32:41,167 (applause)